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Bit Origin partners with Aethir for GPU cloud solutions
NEW YORK – Bit Origin Ltd (NASDAQ: BTOG), a company specializing in cryptocurrency mining, has announced a strategic partnership with Aethir, a leading provider of enterprise-focused distributed GPU cloud services. The collaboration aims to enhance Bit Origin’s service offerings and promote growth for both entities.
Aethir has recently secured nearly USD 150 million in funding and is recognized for its decentralized GPU computing infrastructure, which supports various data-intensive applications including artificial intelligence (AI), gaming, and cloud gaming clients. Leveraging Nvidia (NASDAQ:) H100 GPUs, Aethir has established contracts with major gaming and telecom companies.
On June 12, 2024, Aethir initiated a token generation event for its $ATH token, reaching a fully diluted valuation of $2.6 billion by June 24, 2024. This valuation reflects the potential of Aethir’s growing decentralized GPU cloud infrastructure ecosystem to reshape the cloud computing landscape.
The partnership is also marked by strategic industry collaborations with TensorOpera, which focuses on optimizing and scaling AI model training, and Sophon, a decentralized computing services platform with over 3 million registered users. These collaborations are designed to strengthen Aethir’s capabilities in the AI and crypto sectors.
Bit Origin, serving as Aethir’s sales representative, plans to expand Aethir’s market reach and intends to acquire and deploy Aethir devices in Singapore and/or Malaysia. Jinghai Jiang, Chairman of the Board, CEO, and COO of Bit Origin Ltd, expressed enthusiasm for the partnership, noting the transformative nature of Aethir’s technology and the anticipated substantial growth and value for both companies.
The strategic agreement highlights Bit Origin’s commitment to embracing cutting-edge technologies and leading industry advancements. As Aethir continues to redefine global GPU computing, Bit Origin is set to play a significant role in facilitating access to these vital resources.
Bit Origin Ltd, formerly known as China Xiangtai Food Co., Ltd., operates in the United States and is actively deploying blockchain technologies alongside diversified expansion strategies. This announcement is based on a press release statement and includes forward-looking statements that involve risks and uncertainties. Investors are cautioned that actual results may differ materially from anticipated results.
In other recent news, Bit Origin Ltd has made significant strides in its operations. The company recently announced a strategic partnership with Aethir, an enterprise-focused GPU cloud provider. This agreement positions Bit Origin as a sales representative for Aethir’s GPU-as-a-service offerings. Bit Origin is also planning to acquire and deploy Aethir devices in either Singapore or Malaysia, with further details to be revealed as plans progress.
Another recent development involves Bit Origin’s exploration of Artificial Intelligence (AI) applications within its cryptocurrency mining operations. The integration of AI is expected to enhance the efficiency and profitability of its mining activities. This includes the potential for AI to optimize energy consumption, support predictive maintenance, and provide insights into market trends.
These recent developments illustrate Bit Origin’s commitment to innovation in technology and blockchain. As always, investors are advised to note that these announcements contain forward-looking statements subject to risks, uncertainties, and other factors that could affect the company’s future results or performance.
InvestingPro Insights
In light of Bit Origin Ltd’s strategic partnership with Aethir, recent data from InvestingPro provides a nuanced view of the company’s financial health and market performance. With a market capitalization of 32.29 million USD, Bit Origin is positioned as a smaller player in the cryptocurrency mining sector. Despite its modest size, the company has shown impressive revenue growth over the last twelve months as of Q2 2024, with an increase of 214.61%. This suggests that Bit Origin is expanding its revenue streams, which could be further bolstered by its new partnership.
However, an InvestingPro Tip indicates that Bit Origin is quickly burning through cash, which raises concerns about its long-term financial sustainability. Additionally, the company’s gross profit margin stands at -47.04%, highlighting challenges in maintaining profitability amidst its expansion efforts. This is further evidenced by a negative P/E Ratio of -0.56, suggesting that investors are cautious about the company’s earnings potential.
On a positive note, another InvestingPro Tip reveals that Bit Origin has a strong return over the last year, with a 157.27% price total return, reflecting investor optimism in certain aspects of the company’s operations or potential. Moreover, the recent strategic partnership and industry collaborations may serve to enhance Bit Origin’s market position and improve its financial outlook.
For those considering an investment in Bit Origin, InvestingPro offers additional insights and tips to help make informed decisions. Currently, there are 13 more InvestingPro Tips available, which can be accessed with the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
(Reuters) -Private equity firm Insight Partners is on the brink of closing a new $10 billion-plus fund, roughly half the amount originally targeted, the Financial Times reported on Sunday, citing five people with knowledge of its plans.
Insight will not formally close its 13th fund until early next year, the report said, adding that the final figure may be closer to $12 billion.
Insight Partners declined to comment on the report.
The report said Insight is using a private equity-style structure to sell more than $1 billion worth of stakes in start-ups and to free up cash to return to investors.
One of the start-ups is Israeli cybersecurity firm Wiz, which had called off a $23 billion deal with Google parent Alphabet (NASDAQ:) in July, the report said.
New York-based Insight raised $20 billion for its 12th flagship fund in 2022, aiming to ramp up investments in software and technology companies.
JERUSALEM (Reuters) -Prime Minister Benjamin Netanyahu said Israel would inflict a “heavy price” on the Iran-aligned Houthis who control northern Yemen, after they reached central Israel with a missile on Sunday for the first time.
Houthi military spokesman Yahya Sarea said the group struck with a new hypersonic ballistic missile that travelled 2,040 km (1270 miles) in just 11 1/2 minutes.
After initially saying the missile had fallen in an open area, Israel’s military later said it had probably fragmented in the air, and that pieces of interceptors had landed in fields and near a railway station. Nobody was reported hurt.
Air raid sirens had sounded in Tel Aviv and across central Israel moments before the impact at around 6:35 a.m. local time (0335 GMT), sending residents running for shelter. Loud booms were heard.
Reuters saw smoke billowing in an open field in central Israel.
At a weekly cabinet meeting, Netanyahu said the Houthis should have known that Israel would exact a “heavy price” for attacks on Israel.
“Whoever needs a reminder of that is invited to visit the Hodeida port,” Netanyahu said, referring to an Israeli retaliatory air strike against Yemen in July for a Houthi drone that hit Tel Aviv.
The Houthis have fired missiles and drones at Israel repeatedly in what they say is solidarity with the Palestinians, since the Gaza war began with a Hamas attack on Israel in October.
The drone that hit Tel Aviv for the first time in July killed a man and wounded four people. Israeli air strikes in response on Houthi military targets near the port of Hodeidah killed six and wounded 80.
Previously, Houthi missiles have not penetrated deep into Israeli air space, with the only one reported to have hit Israeli territory falling in an open area near the Red Sea port of Eilat in March.
Israel should expect more strikes in the future “as we approach the first anniversary of the Oct. 7 operation, including responding to its aggression on the city of Hodeidah,” Sarea said.
The deputy head of the Houthi’s media office, Nasruddin Amer, said in a post on X on Sunday that the missile had reached Israel after “20 missiles failed to intercept” it, describing it as the “beginning”.
The Israeli military also said that 40 projectiles were fired towards Israel from Lebanon on Sunday and were either intercepted or landed in open areas.
“No injuries were reported,” the military said.
PARIS (Reuters) – Eight people have died trying to cross the Channel from France to England, French authorities said on Sunday, confirming earlier media reports.
This latest incident follows the deaths of 12 people earlier this month when their boat capsized in the Channel on its way to Britain and highlights the pressure on the British and French governments to find ways to tackle the boat crossings.
Jacques Billant, the Prefect of the Pas-de-Calais region, said that rescue crews were alerted that a boat with 59 people onboard was in difficulty in waters off the coast of Ambleteuse in the Pas-de-Calais area.
“A new drama took place around one in the morning and we deplore the death of eight people,” he told a news conference, adding that the other 51 onboard were now in the care of rescue and medical crews.
The dead were men from Eritrea, Sudan, Syria, Egypt, Iran and Afghanistan, he added.
The Channel is one of the world’s busiest shipping lanes and currents are strong, which makes crossing on small boats dangerous.
The latest incident brings to 46 the number of people who have died trying to cross the Channel from France since the start of the year, Billant said.
On September 14 alone there were eight attempts to cross the Channel from France and some 200 migrants were rescued, he said.
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